Bitcoin Forum

I was trying to move some coins from Binace to other exchanges and my new ledger wallet but have ran into trouble with fees
I tried moving RSR to a different exchange and had to select  ERC2.0 to move it with a fixed  rate $4.88
I them tried to move BTC to my ledger - I just wanted to move a small amount to check it was set up properly and working
and while I had various transaction options to move it including Binance Chain (BNB) BEP2 they only one they allowed was "BTC" with a transaction fee of $10
I have never seen this before, when I have moved coins from Binance before I wasnt given these options and the fee was normal

Is there anyway around this or some thing I am doing wrong

Binance's withdrawal fees are constant and are based on a specific coin/token amount, and not USD value.

e.g. For bitcoin, the withdrawal fees would always be 0.0005BTC regardless if how much bitcoin is.

Here's the full list of fees: https://www.binance.com/en/fee/depositFee

There is nothing you are doing wrong.

Bitcoin's price has doubled in the past few months, so it's normal for the withdrawal fee to be around $10 (0.000 BTC x $20,000). It's up to the exchanges to adjust the fee or not.
The other options are for tokenized Bitcoin. Bitcoin on Binance Chain and Binance smart chain network and Ethereum network. Please note that this is not the real bitcoin, so you will need to provide BEP2, BEP20 or ERC20 addresses respectively in order for the other withdrawal options to be active

https://ethgasstation.info/calculatorTxV.php. The Gwei gas is 67 for average ERC20 transactions. It is not cheap.

On Binance, the cheapest transaction methods are their internal chains BEP2, Binance Smart chain but they are internal transactions. If you want to move your tokens to different exchanges, the alternative to help you save transaction fees can be TRC20 chain. You need to have 2 conditions: Binance supports TRC20 for that token, and the exchange you will move your tokens to do support TRC20 chain for that token.

Move your token from Binance to other exchanges cross-chain makes your a loss.

Very clear and detailed information provided by our colleagues. I really appreciate this, because frankly, until now, I have never used any transactions on Binance because I haven't dared to try it. but thank you again that this kind of information can be ascertained, possibly very useful to know because in order to anticipate what we have to do.

because I admit that Binance is very popular and many people talk about it because of the convenience that is obtained from every transaction made there, I even know that I can immediately send to Fiat in our own account and this is certainly very helpful.
but about the fee, it is clear that I have never known the details like this.

I think it depends on what entity you want to transfer. If it's Bitcoin the fee is very high, its has high as almost $8 no matter the volut of the coin you want to withdraw or transfer. I still don't know why it's like that. Because it's not the same with TRX, they charge as low as 1TRX per transaction. Which is more good. But what if what you want to send/transfer should be in BTC or other coin. I think Binance technical support team should look into that.

You convert your withdrawal asset as Ripple. Ripple is the best and quick withdrawal option. Ripple withdrawal fee only  below $0.05. Ripple withdrawal is very very fast.

Okay, I have a solution for you. suppose you are using Binance now, you need to withdraw BTC but the fees are too high. you can convert those BTC to USDT and withdraw those USDT at FTX exchange (https://ftx.com/en ). You can withdraw USDT without any fees for this you have to use TRC based coin.

When the deposit is confirmed you need to convert USDT to BTC and withdraw BTC at your desire address, and it's totally free. There is no withdrawal charge available at FTX exchange. for this reason, I like to use FTX exchange.

Looks expensive if BTC = USD fees.

The conversion would actually make it high but that's the normal and fixed fee.

This could be the solution or any other altcoin like doge.

I like to use a binance chain which has all the pegs of crypto coins (BTCBEP2, ETHBEP2 etc ...) and can move coins faster from exchanges to your own wallet. as long as 1 BTC = 1 BTCBEP2 I'm fine holding it @binance chain

But you can't trade Bitcoin anywhere except on Binance.com. If by any chance you woke up tomorrow and Binance has been shutdown, your BTCBEP2 token will be worthless as you will have nowhere to exchange them for BTC.

Bitcoin is the most secure blockchain network, Binance chain on the other had, not very much. If Binance chain got attacked, your BTCBEP2 would as well become worthless.
What I am trying to say is be very careful with tokenized Bitcoin.

Or using wbtc of erc20, def faster now after upgrade 2.0

In my experience, Ripple is the best. Withdrawal only take below 5 minutes. Low fee also.

I really do not like binance nor do I like most of other places when it comes to these huge fee's but I also can't blame them, because right now fee's are huge and that is why they have to charge us so much money as well. However it is time to actually change these withdrawal fee structure into more trader friendly instead of having fixed rates.

For example, if you trade so much that you paid over 50 dollars in fees, that should mean you get free withdrawal once, without any charge, for each 50 dollar trading you fee you pay, you get one free withdrawal of bitcoin or ethereum or any erc20 deal. Obviously if you want to withdraw doge or something that doesn't count, but this would basically be for the high fee ones. They make so much money from people that I believe there are some traders that earns binance thousands of dollars from their fee's so they should get some free withdrawals as well.

everyboday trades huge amount, that would mean all will have free withdrawal transactions. but the less fortunate who only buys few coins not more than 50$ will have. that is not going to be fair for them. I dont know whcih suggestions to make but what we have today is working.

0.0005 btc is not big when btc is less than 10,000. i guess if the value rise the exchanges has to also adjust its price base on USD.

A workaround to avoid paying high fees is to use other altcoins with much smaller fees. Altcoins with their own blockchain such as TRX, LTC, AVAX, etc (just examples, not shilling them) usually have low tx fees. Otherwise, you have to stick with Binance's standard fees.

Do note that withdrawal fees varies from exchange to exchange. Binance BTC and ETH fee value has been the same for as long as I can remember. What happened is that, Bitcoin and ETH both increased in price so their USD value also increased. Keep that in mind the next time you try to maje a withdrawal on binance. I hope it helps.

There are other choices so whichever fits you guys the faster confirmation time and the cheaper that you get.

If XRP is your choice and the best for you, it's all on you. But there are other options that anyone can try.

May be. I don't know any other coins which is better than Ripple. Ripple confirmation is almost instant. Very fast and low fee.

Try to move your tokens using TRC-20 tron as they are more fast and has very cheap fee but if they are ERC-20 you can really get $4-$6 in fees. I tried to move my CHZ token just the other day and it costs me $5 seems that's constant even the value of the them becomes lesser or higher.

I can't argue with that because I've done it before. What I'm saying there's also Dogecoin which's also cheap and fast as XRP.

Anyway, OP should also reply on this thread and give us some updates.

I thought the high withdrawal fee is mostly applied to ETH and BTC only, i just made some withdrawal on Binance this morning via XRP with a quite low fee of about $0.21 which actually was fast too as well.

Dogecoin also cheap and fast as XRP. Thank you friend, It is a new knowledge for me.
You know any other coins as XRP and Dogecoin ?

I haven't tried this but AFAIK, Nano is also a good one. And IIRC, they're free of charge in transactions. They're not recognized due to it but as an investment. XRP looks in bad shape and I don't think it's a good time to keep making transactions on it.

Here's NANO  --> https://coinmarketcap.com/currencies/nano/

As long as it is going towards erc20 tokens, it is going to cost a lot because the fee's are high in there. It doesn't need to be only eth or btc for it to be expensive, it just needs to use its blockchain and since there are not any I know that uses bitcoin blockchain, it is obvious that this applies to ones that uses ethereum blockchain.

If you are investing into an erc20 token at this day and age, you have to make sure that you earn at least 10+ dollars from it, or calculate it 10 dollars less from the start, if you invest 100 dollars into it, think of it as 90 dollar start and you have to make over 10% to profit from it and even get to break even levels. This is why it doesn't make huge sense to invest into nearly stable or at least steady ones, you should check ones that should help you invest into ones that will make you bigger returns very quickly (and of course risky because of it).

Why XRP is not good to keep? Can you tell me the reason ? XRP going to scam ?

It's quite low fees but it's not safe at all. a lot of traders believe XRP is a pump and dump coin. instead of XRP, TRC20 based USDT is the best one. because at Binance there no charge if you withdraw TRC20 based USDT. Today XRP dump a lot, so stay away from this

You haven't seen the news about XRP?

--> https://www.forbes.com/sites/rogerhuang/2020/12/23/what-the-sec-charging-ripple-means-for-cryptocurrencies/

--> https://www.sec.gov/news/press-release/2020-338

--> https://edition.cnn.com/2020/12/23/investing/ripple-sec-lawsuit-trnd/index.html

They really are (ERC20 tokens) the one with higher withdrawal fee even their USDT that is fast on transacting has the same accrual of fee to withdraw so sometimes I do rely on XRP or TRX a choice. Sad to know that XRP isn't that best to rely now it's too risky they'll be gone while you're transacting.

I'm also a Binance exchange user, and to avoid high withdrawal fees I usually choose to withdraw via coins that have low fees.
Usually the coins I choose to make withdrawals from exchanges are DOGE or TRX, besides both have low costs but the process is
also faster. Moreover, the price of Bitcoin is on the rise, making Bitcoin withdrawals is very expensive.

This is more the influence of the price of Bitcoin and possibly other cryptos that go up, so if it is calculated into the USD rate it will be very large. Basically, the rate is the same as before and is fixed based on the coins to be withdrawn. Usually, coin withdrawals with BEP2 can be cheaper than others.

I can say this is as a result of the bull run. It seems binance has a fixed amount of fee in each of the Cryptocurrency to be withdrawn and the value of such increases in line with the price trend.
For example, the withdrawal fee for btc might be at constant 0.0004BTC and that will be changing in dollars based on the current market value.